Alpha BeeTee
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Press TV
25 Aug 2015
The Asian Development Bank (ADB) has announced its decision to extend a new assistance program to Pakistan by approving an annual aid package worth USD 1.2 billion.According to the Manila-based bank’s announcement on Tuesday, the main goal of the annual aid package is to help Pakistan improve its infrastructure and create new jobs, AFP reported.The bank said in a statement that Pakistan, whose economy has experienced sluggish growth in recent years, is now on track to meet targets for reducing poverty.The statement, however, noted that overall economic development in Pakistan is below the country’s potential and further institutional reforms are needed.Share of tax collection in Pakistan government revenues is insignificant, and this issue has severely hampered the government's ability to manage its finances.Experts have mentioned chronic crisis in the country’s electricity generation sector, which has been made worse by poorly-targeted subsidies, as another impediment on the way of the country’s economic growth."The main challenge in Pakistan was to deliver higher, sustained and inclusive growth to cut poverty and create productive jobs for the growing labour force," ADB’s Pakistan country director, Werner Liepach, said in a statement.The new program, which will run until 2019, will target six sectors including energy, transportation and public sector management, the ADB added.The funds will support Islamabad’s plans to improve highways and provincial roads as well as power generation and transmission, and bus rapid transit schemes in Karachi and other cities.
25 Aug 2015
The Asian Development Bank (ADB) has announced its decision to extend a new assistance program to Pakistan by approving an annual aid package worth USD 1.2 billion.According to the Manila-based bank’s announcement on Tuesday, the main goal of the annual aid package is to help Pakistan improve its infrastructure and create new jobs, AFP reported.The bank said in a statement that Pakistan, whose economy has experienced sluggish growth in recent years, is now on track to meet targets for reducing poverty.The statement, however, noted that overall economic development in Pakistan is below the country’s potential and further institutional reforms are needed.Share of tax collection in Pakistan government revenues is insignificant, and this issue has severely hampered the government's ability to manage its finances.Experts have mentioned chronic crisis in the country’s electricity generation sector, which has been made worse by poorly-targeted subsidies, as another impediment on the way of the country’s economic growth."The main challenge in Pakistan was to deliver higher, sustained and inclusive growth to cut poverty and create productive jobs for the growing labour force," ADB’s Pakistan country director, Werner Liepach, said in a statement.The new program, which will run until 2019, will target six sectors including energy, transportation and public sector management, the ADB added.The funds will support Islamabad’s plans to improve highways and provincial roads as well as power generation and transmission, and bus rapid transit schemes in Karachi and other cities.
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